Impact of multiple hard inquiries questions

[Anonymous]

Thanks! I'm not too worried about adding back to the credit card balances because I'm motivated now to actually get stuff paid off and put myself in a better financial spot for the future. I've decided that they will be strictly for food & gas which will be immediately paid off each month with what I allot myself in each paycheck for each item. Then I can keep down the balance to about nothing while keeping them open to help my credit score. Only having credit cards for 3 years and student loans for 8-which of course were in deferment for 4 of those years, my history is still low enough my credit union wants a cosigner if I were to go through them for my auto loan. But I'm actually excited that I've come to realize starting now I can get myself debt free within 5 years if I play my cards right... )

[Anonymous]

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@Anonymous wrote:
Thanks! I'm not too worried about adding back to the credit card balances because I'm motivated now to actually get stuff paid off and put myself in a better financial spot for the future. I've decided that they will be strictly for food & gas which will be immediately paid off each month with what I allot myself in each paycheck for each item. Then I can keep down the balance to about nothing while keeping them open to help my credit score. Only having credit cards for 3 years and student loans for 8-which of course were in deferment for 4 of those years, my history is still low enough my credit union wants a cosigner if I were to go through them for my auto loan. But I'm actually excited that I've come to realize starting now I can get myself debt free within 5 years if I play my cards right... )

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sljones3,

Nice thinking!

[haulingthescoreup]

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@Anonymous wrote:

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@Anonymous wrote:
Thanks! I'm not too worried about adding back to the credit card balances because I'm motivated now to actually get stuff paid off and put myself in a better financial spot for the future. I've decided that they will be strictly for food & gas which will be immediately paid off each month with what I allot myself in each paycheck for each item. Then I can keep down the balance to about nothing while keeping them open to help my credit score. Only having credit cards for 3 years and student loans for 8-which of course were in deferment for 4 of those years, my history is still low enough my credit union wants a cosigner if I were to go through them for my auto loan. But I'm actually excited that I've come to realize starting now I can get myself debt free within 5 years if I play my cards right... )

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sljones3,

Nice thinking!

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+!

Thanks for being so good-natured about what I now see might have looked like a scolding.   We've had members who have successfully used this tactic, and we've had others who, umm, haven't.

We just like to make sure that people go into this tactic with eyes wide open and wallets tightly shut.

[marty56]

If you are worried about a large credit card bill at the end of the month or revolving a balance, pay the charge online after you use it or after it posts if your CCC doesn't allow your balance to go negative.  My CU (RBFCU), allows you to make as many payments on the CC as you want, even if the balance is zero.  My National City card, on the other hand won't allow you to make a payment after you have made one that day or under 48 hours before.  Stupid rule.  LOL I had a negative 5% util on the card one month.